Definitions

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4 Week Change in Active Listings
A comparison between the number of listings active today and the number active four weeks ago.
4 Week Change in Pending Listings
A comparison between the number of listings pending today and the number pending four weeks ago.
Active List Price $/SF Premium
The percentage by which the average list price per square foot for active listings exceeds the average sale price per square foot for homes sold This Month.
Active Listings
The number of MLS listings marked active or active with a contingent offer on the date in question. The count comes from our overnight download from ARMLS.
Active Listings $/SF
The average list price per square foot for Active Listings. This is not an “average of ratios”, but the true average list price of all the square feet of living space represented by the active listings.
Active Listings Excluding UCB
The number of MLS listings marked active on the date in question, excluding any listings that are under contract and accepting backup offers (UCB) or contingent on the buyer’s sale (CCBS). The count comes from our overnight download from ARMLS.
Annual Appreciation
The percentage change in average sale price per square foot over 12 months. The average sale price per square foot for This Month is compared with the same period exactly one year ago, and the difference is expressed as a percentage.
Annual Average Sale Price
The average sale price for This Year.
Annual Growth in Pending Listings
The percentage difference between Pending Listings today and the same date last year.
Annual Growth in Sales per Month
The percentage difference between Sales per Month (7 Day Average) today and the same date last year.
Annual Median Price as % Peak
The Median Price – Annual Sales as a percentage of the highest Median Price – Annual Sales previously recorded. If we are currently at a maximum this will read 100%. In a rising market this figure will be close to 100%. In a falling market it shows how far the median price has fallen since the peak.
Annual Sales
The sales which closed This Year. Also known as Sales per Year.
Annual Sales $/SF
The average sale price per square foot for homes sold This Year. This is not an “average of ratios”, but the true average sale price of all the square feet of living space represented by the homes included in Annual Sales.
Annual Sales $/SF as % Peak
The Annual Sales $/SF as a percentage of the highest Annual Sales $/SF previously recorded. If we are currently at a maximum this will read 100%. In a rising market this figure will be close to 100%. In a falling market it shows how far market pricing has fallen since the peak.
Appreciation – Annual $/SF
Compares the Annual Sales $/SF for today with that for the same date last year: the annual appreciation based on comparing the most recent annual period with one year earlier.
Appreciation – Annual Median $
Compares the Median Price – Annual Sales for today with that for the same date last year.
Appreciation – Long Term
Compares the Annual Sales $/SF for today with that for January 1, 2001 and works out the annual appreciation rate between the two.
Appreciation – Monthly $/SF
Compares the Monthly Sales $/SF for today with that for the same date last year: the annual appreciation based on comparing the most recent monthly period with the same month last year.
Appreciation – Monthly Median $
Compares the Median Price – Monthly Sales for today with that for the same date last year.
Average List Price per Square Foot
The average list price per square foot for homes that closed escrow either This Month or This Year.
Average Price – Annual Sales
The average price recorded as paid for homes sold This Year.
Average Price – Monthly Sales
The average price recorded as paid for homes sold This Month.
Average Sale Price % List
Compares the average sale price and average final list price for homes sold This Month. It shows how close the final sale price was to the list price in effect when the listing closed, which may be different from the original list price.
Average Sale Price per Square Foot – Recent Trend
The percentage difference between the average sale price per square foot for This Month and for This Year.
Average Size in Square Feet
The average living space in square feet for homes sold This Month or This Year.
Canceled Listings
The number of listings that were canceled This Month.
Canceled Listings 4 Week Change
The percentage change over the last 4 weeks in the number of listings canceled.
CCBS
Contract Contingent on Buyer Sale. A listing marked active in the MLS that has accepted an offer which depends on the buyer selling their own home first. We count it as under contract, not as available supply.
Closings
A sale counted when it closes escrow and is recorded. For new homes we always say closings: builders use “sales” to mean the date the contract was signed, which can be months earlier.
Coming Soon
An MLS status for a home that is about to go active. In ARMLS a Coming Soon home can be shown like an active listing, but the MLS days on market do not start counting. It can stay Coming Soon for up to 30 days. We count Coming Soon homes as part of supply.
Contract Ratio
Indicates how “hot” a market is. It measures the number of listings under contract relative to the supply of active listings, and is defined as 100 x (Pending Listings + UCB Listings) / Active Listings Excluding UCB. The higher the number, the greater the buying activity relative to supply. A rising number is a sign of growing contract activity and a positive signal for sellers. A falling number is a sign of a weakening market: either the supply of active listings is increasing or contract activity is slowing, or both. In a balanced market for normal segments, the Contract Ratio is usually between 35 and 60. Below 35 the market can be considered “slow” or “cold”. Above 60 it can be considered “hot”, and above 100 we regard it as evidence of a “buying frenzy”. In the luxury segments the normal level is lower, usually between 15 and 25.
Cromford® Days on Market
How long a home that sold was on the market before it went under the contract that led to its closing. It counts the days the home was Active or Coming Soon, carries on through relistings, and is not reset when a contract falls through. Unlike the MLS figure, it includes Coming Soon time and stops counting once the home is under contract.
Cromford® Demand Index
A short-term forecast of the demand for resale homes. Above 100 means more demand than usual, below 100 less demand than usual, and 100 means demand is close to normal.
Cromford® Market Index
A short-term forecast of the balance between buyers and sellers in the resale market. A reading below 90 indicates a buyer’s market, above 110 a seller’s market, and between 90 and 110 a balanced market.
Cromford® Supply Index
A short-term forecast of the supply of resale homes. Above 100 means more supply than usual, below 100 less supply than usual, and 100 means supply is close to normal.
Days Inventory
How many days it would take to sell all the Active Listings at the rate implied by Annual Sales, assuming no new listings became active. It equals Days in Last Year x Active Listings / Annual Sales.
Days Inventory Based on Monthly Sales
The number of days it would take to sell all the currently active listings at the rate of sales over the last month.
Days on Market – Active Listings
For the active listings on the date in question, the average cumulative number of days the listing has been active. This excludes days when the listing was temporarily off market or pending.
Days on Market – Monthly Sales
For homes that sold This Month, the average cumulative days on market. This excludes days when the listing was temporarily off market or pending.
Dollar Volume
The total dollar value of all homes closed This Month or This Year.
Expired Listings
The number of listings that expired This Month.
Expired Listings 4 Week Change
The percentage change in the number of expired listings over the last 4 weeks.
Fall-Through Rate
The share of contracts that end without the home closing, for example because financing or an inspection failed. The home usually comes back on the market.
Fix and Flip
A home bought, renovated and resold by an investor. The flip is the resale, and the time between the purchase and the resale is how long the investor held it.
Flash Sale
A listing that moves to Pending, UCB, CCBS or Closed within 1 day of first appearing on the MLS. It sold in a flash. Sometimes it was sold before it was listed, and the agent is entering it so that it counts in their statistics.
Lender-owned % Active Listings
The percentage of active listings that are lender-owned (REO) homes.
Lender-owned % Monthly Sales
The percentage of monthly sales that are lender-owned (REO) homes.
Listing Success Rate
The percentage of listings that closed with a sale rather than expiring or being canceled. It compares the number of listings sold This Month with the number of listings that were sold, expired or canceled in the same period.
Long Term Appreciation
Compares the average sale price per square foot today with that for January 1, 2001 and works out the annual rate of appreciation over the whole period.
Market Distress Index
The percentage of the market that consists of pre-foreclosures, lender-owned homes and short sales, taking both active listings and monthly sales into account.
Median Price – Annual Sales
Based on the homes included in Annual Sales, the price that separates the higher half of sale prices from the lower half. It is usually well below the Average Price – Annual Sales, since sales of large expensive homes have little effect on the median but a large effect on the average.
Median Price – Monthly Sales
Based on the homes included in Monthly Sales, the price that separates the higher half of sale prices from the lower half. It is usually well below the Average Price – Monthly Sales, since sales of large expensive homes have little effect on the median but a large effect on the average.
Monthly Average Sale Price
The average sale price for This Month.
Monthly Median Price as % Peak
The Median Price – Monthly Sales as a percentage of the highest Median Price – Monthly Sales previously recorded. If we are currently at a maximum this will read 100%. In a falling market it shows how far the median price has fallen since the peak.
Monthly Sales
The sales which closed This Month. Also known as Sales per Month.
Monthly Sales $/SF
The average sale price per square foot for homes sold This Month. This is not an “average of ratios”, but the true average sale price of all the square feet of living space represented by the homes included in Monthly Sales.
Monthly Sales $/SF as % Peak
The Monthly Sales $/SF as a percentage of the highest Monthly Sales $/SF previously recorded. If we are currently at a maximum this will read 100%. In a falling market it shows how far market pricing has fallen since the peak.
Months Supply
How many months it would take to sell all the Active Listings at the rate implied by Sales per Month (7 Day Average).
Months Supply Based on Annual Sales
The number of months it would take to sell all the currently active listings at the rate of sales over the last year.
Notice of Trustee Sale
A document recorded with the county when a lender starts to foreclose on a home under a deed of trust. It sets the date of the trustee sale (the foreclosure auction). Many are later canceled, for example when the owner sells or catches up on payments.
Pending Listings
The number of MLS listings under pending contract where escrow has not yet closed. The count comes from our overnight download from ARMLS.
Pending Listings $/SF
The average list price per square foot for Pending Listings. This is not an “average of ratios”, but the true average list price of all the square feet of living space represented by the pending listings.
Percentage of List Price
The sale price divided by the final list price, expressed as a percentage, for sales This Month.
Pre-foreclosure % Active Listings
The percentage of active listings that are pre-foreclosures or short sales.
Pre-foreclosure % Monthly Sales
The percentage of monthly sales that are pre-foreclosures or short sales.
REO
Real estate owned: a home owned by a lender, usually after a foreclosure. Also called lender-owned.
Sales per Month (7 Day Average)
The average Sales per Month over the last seven days. We sometimes use this to remove the distortion caused by sales tending to close more often on certain days of the week. We use it to calculate Months Supply, to avoid excessive day-to-day swings.
Sales per Year
The number of sales which closed This Year. Also known as Annual Sales.
This Month
The period which starts with today’s date last month and ends at midnight yesterday. If today’s date did not exist last month, the 1st of the current month is used instead. The period is between 28 and 31 days long. It is a single calendar month only when today is the 1st; on any other date it spans 2 calendar months. For example, on July 14 “This Month” means June 14 to July 13, but on August 1 it means July 1 to July 31.
This Week’s Sales % Avg
Sales during the last seven days as a percentage of the average number of sales for the same dates in the years 2001 onwards.
This Year
The period which starts with today’s date last year and ends at midnight yesterday: 365 or 366 days depending on leap years. For example, on October 24, 2004 “This Year” means October 24, 2003 to October 23, 2004. On January 1, 2007 it means the calendar year January 1, 2006 to December 31, 2006.
Trustee’s Deed
The deed recorded after a foreclosure auction, transferring the home to the winning bidder or, if nobody outbid it, to the lender.
UCB
Under Contract – Backups. A listing marked active in the MLS that is already under contract but is still accepting backup offers. We count it as under contract, not as available supply.
Under Contract
Listings with an accepted offer that has not yet closed: Pending, UCB and CCBS listings together.

Cities

Major Cities
Avondale, Buckeye, Cave Creek, Chandler, Fountain Hills, Gilbert, Glendale, Goodyear, Maricopa, Mesa, Paradise Valley, Peoria, Phoenix, Queen Creek, San Tan Valley, Scottsdale, Surprise, Tempe.
Secondary Cities
Anthem, Apache Junction, Arizona City, Casa Grande, El Mirage, Gold Canyon, Laveen, Litchfield Park, Sun City, Sun City West, Sun Lakes, Tolleson.
Small Cities
Carefree, Coolidge, Desert Hills, Eloy, Florence, New River, Rio Verde, Tonopah, Waddell, Wickenburg, Wittmann, Youngtown.
Ahwatukee
Not measured separately, as most of its listings are entered under Phoenix. For Ahwatukee we recommend the ZIP code reports for 85044, 85045 and 85048, which follow its boundaries closely.

Abbreviations

Avg
Average
LT
Long Term
Mth
Month
Qtr
Quarter
SF-D
Single Family – Detached
sq. ft.
Square Foot or Square Feet
ST
Short Term
Yr
Year
Yrs
Years